BitGo Improves Digital Wallet Security
BitGo, a leader in Bitcoin multi-signature security, has announced a new suite of services for businesses which use bitcoins. The suite, known as BitGo Enterprise, has features such as spending and velocity limits, user management and 24×7 monitoring.
BitGo has also improved the security of its digital wallet. When you create a BitGo wallet the company will create three bitcoin keys, one that is stored by the company’s servers, one that is encrypted and stored on its servers and a third that is given to the user. This third key will ensure that bitcoins will remain secure in the event that one of the other two is lost. Spending bitcoins requires access to two of the three keys.
A number of features of the new BitGo Enterprise suite are also aimed at security and ensuring that bitcoins can be used by businesses. The CTO and co-founder of BitGo, Mike Belshe, said, “The ability for organizations to assign spending limits and velocity limits, enact delays on large transactions and whitelist recipient addresses – all under the umbrella of BitGo’s multi-signature security – allows businesses to fully realize the benefits of using Bitcoin as a medium of exchange.”